America’s $38 trillion national debt is no longer a distant concern—it’s a clear and present danger. Interest payments alone now eclipse what we spend on national defense, devouring nearly 20% of every tax dollar. This debt load is choking our ability to respond to urgent challenges and build a strong economy. The longer Congress delays, the steeper and more painful the fix becomes.
This isn’t theoretical. The consequences are already hitting home: we have experienced high inflation, and now see higher interest rates, tighter credit, and growing pressure on families and businesses. Moody’s downgrade of U.S. sovereign debt last year was a flashing red light, signaling growing doubts among financial institutions about our fiscal resolve. If lawmakers fail to act, we risk a cascading debt crisis that could stall the economy and permanently weaken America’s financial foundation. Yet, policymakers do not even have a plan for how to stabilize our budget and address the debt.
A Fiscal Commission Isn’t the Only Path—But It’s a Valuable One
Congress doesn’t need a commission to solve the debt crisis—but history shows that bipartisan commissions can be a highly effective tool. They bring lawmakers and experts together, elevate public awareness, and create a structured path toward real solutions. At a time when trust in government is low and fiscal challenges are mounting, a well-designed commission can help build momentum, foster accountability, and signal that Washington is serious about restoring America’s financial health.
Past commissions have a track record of producing recommendations that directly address the problem – and in some cases having those proposals enacted into law. The criticism of some earlier efforts is that the recommendations faced strong political headwinds and were not enacted. However, even commissions that did not directly change policy, did set the stage for future reforms. Some prominent bipartisan commissions include:
- The 1981 National Commission on Social Security Reform, often called the Greenspan Commission after its chairman Alan Greenspan, resulted in reforms that extended the solvency of Social Security by 50 years.
- In the late 1980s, after a long period of gridlock and bitter debate over military expenditures, Congress and the White House created the Defense Base Realignment and Closure Commission (BRAC), tasked with selecting which military bases would be shut. BRAC made five rounds of recommendations, closing more than 350 military bases and resulting in about $12 billion in savings each year until 2013.
- The Bipartisan Commission on Entitlement and Tax Reform (1993) did not agree on a set of specific reforms, but it did produce five guiding principles for future work in fiscal policy. Examples of those principles include consideration of effects over a longer time frame and the need for robust public engagement.
- The National Commission on Fiscal Responsibility and Reform (2010), also known as Simpson-Bowles, proposed a report that, while not enacted, raised awareness about the unsustainable fiscal outlook and ideas and concepts for the Budget Control Act of 2011.
While commissions are not a cure-all, they can be a good place to start. This history shows that they can, at minimum, provide a framework and get the issue back on the table for policymakers and the public.
Hopeful Signs: Bipartisan Fiscal Commission Bills Introduced in the Senate and House
Despite a growing deficit and the burden of financing our national debt, Congress has no plan whatsoever for how to tackle this problem. Congress can take the first step to dealing with this issue by adopting legislation to create a commission. Two bills that are gaining traction in Congress are H.R. 3289 and S. 4012 which are companion bills to establish a bipartisan fiscal commission. Each bill creates a 16-member commission—made up of lawmakers from both parties and outside experts—charged with recommending solutions to stabilize the debt and restore trust in key federal programs.
| Provision |
House Fiscal Commission Act |
Senate Fiscal Commission Act |
| Date Introduced |
5/8/2025 |
3/5/2026 |
| Bill Number |
H.R. 3289 |
S. 4012 |
| Sponsorship |
Rep. Peters (D-CA) and Rep. Huizenga (R-MI) plus more than 40 bipartisan cosponsors |
Sen. Curtis (R-ID) and Sen. King (I-ME) plus 8 bipartisan cosponsors |
| Primary Fiscal Goal |
Debt to GDP of less than 100% by 2039 |
| Deadline to Report |
November 13, 2026, but not before November 4, 2026 |
| Voting Threshold |
Majority of voting members with at least 2 from each party |
| Commission Structure |
16 members, 12 from Congress and 4 outside experts (non-voting), split by party and chamber (3 members and one expert from the House Majority, House Minority, Senate Majority, and Senate Minority) |
| Fast Track |
Each chamber to vote on recommendations without amendment |
| Public Education Campaign |
Requires a public education campaign on the state of the country’s fiscal health |
The goal is to keep the public debt-to-GDP ratio below 100% by 2039 and strengthen the solvency of key trust fund programs over the next 75 years. According to the Congressional Budget Office’s February 2026 projection, the publicly held debt is on track to reach 127% of GDP by 2039. Achieving the 100% target would require $9.5 trillion in deficit reduction, underscoring the scale of the challenge and the urgency of serious fiscal planning. Every year that goes by will make the challenge harder.
The Commission will hold public hearings across the country and deliver a detailed report to Congress. Crucially, any recommendations will be fast-tracked in Congress—debated and voted on without delay or amendments—so real action can follow. The recommendations would still be subject to the filibuster in the Senate, so would need 60 votes to pass. Overall, this is a serious step toward fiscal sustainability, and it deserves public attention and support.
